Hawsons advise on Spencer Agents transition to employee ownership

Hawsons Corporate Finance are delighted to announce that Spencer Agents have completed their transition to an Employee Ownership Trust.

Spencer Agents are a local and independent estate agent based in Sheffield. Founded in 1993, we believe that they are the first estate agents in Sheffield to become employee-owned.

The Hawsons Corporate Finance Team, led by Pete Wilmer, Scott Sanderson and Jack Ware, acted as lead advisers for Spencer Agents during the entire process of their transition to employee ownership. Legal services were provided by Paul Trudgill, Pete Turk and Molly Rae of Knights.

When considering the future of Spencer Agents, Managing Director, Nicola Spencer was looking to reward her employees for their hard-work, dedication and loyalty to Spencer Agents. Therefore, Nicola decided that the most suitable succession option was to sell her business to an Employee Ownership Trust.

Once Nicola had confirmed her decision to sell Spencer Agents to an Employee Ownership Trust, our role was to manage, support and advise Nicola and her employees through the entire process of the transition.

This deal will allow all employees to share in the future success and growth of Spencer Agents as they become beneficiaries of the trust. Subsequently, this will bring their staff even closer together as they become more aligned to ensure the future success of Spencer Agents.

Managing Director, Nicola Spencer said: “The transition to employee ownership marks a new chapter for Spencer Agents and demonstrates our commitment to our employees as we continue our journey together.”

Hawsons Partner, Scott Sanderson said: “The transaction taking a well respect Sheffield business in to employee ownership, dealt with by local Sheffield advisors was great to be involved with. This deal will see Nicola Spencer remain in her role as Managing Director and the message to customers of the business is that it is very much business as usual. We are sure the team at Spencer Agents will continue to flourish for many years to come and wish them all the very best.”